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Multiple Streams of Income: How to Generate a Lifetime of Unlimited Wealth, First Edition
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Sales rank 66,073
Customers rating (based on 188 reviews)
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Simple and effective strategies for finding new sources of income–– for life! In Multiple Streams of Income, Robert Allen, bestselling author of the #1 megahits Nothing Down and Creating Wealth, presents ten revolutionary new methods for generating over $100,000 a year–– on a part-time basis, working from your home, using little or none of your own money. For this book, Allen researched hundreds of income-producing opportunities and narrowed them down to ten surefire moneymakers anyone can profit from. In Multiple Streams of Income, Allen presents his findings and teaches you: - How to retire wealthy on a dollar a day
- How to earn an extra million in your lifetime
- The nine characteristics of the ideal home-based business
- Low-risk ways to double your money in the stock market–– FAST!
- Nine ways to find super real estate bargains
- How to earn 18%, 36%, and even 50% returns on your investments–– guaranteed
- How to earn as much as $1,000 a day right from your own home
- How to become an information multimillionaire
- How to cash in on the secrets of intellectual property
- And much, much more
"The whole idea of Multiple Streams of Income will be a powerful paradigm shift for most people. Bob Allen then gives practical and beautifully illustrated knowledge on how to do it. Mastering financial principles is an important habit in life because it gives us the freedom to focus on what matters most. A valuable read." –– Dr. Stephen R. Covey, author of The 7 Habits of Highly Effective People "If you’re ready to have the money just keep rolling in, read Multiple Streams of Income by Robert Allen. Bob knows how to share his lifetime of learning, compressed in an easy-to-read, easy-to-absorb, and easy-to-use format." –– Jack Canfield and Mark Victor Hansen, authors of the Chicken Soup for the Soul ® series
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| Publisher | John Wiley & Sons | | Release date | 03/2002 | | Availability | | | Edition | Paperback |
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 True then, truer now!
I have been a fan of Robert Allen for over 20 years. Mr. Allen has always been ahead of the rest, offered timely and pragmatic advice even though he is somewhat controversial.
Although Mr. Allen wrote this book many years ago, the advice is not only timely, but even truer now than it was when it was originally written.
Multiple Streams of Income is a real winner. Not since Charles Givens blockbuster More Wealth Without Risk has anyone put together so many winning strategies in one book! And unlike Givens, Allen shows many ways to make more money even if you have nothing to start with.
As stated above, I have been a fan of Robert Allen for over 20 years since I read Creating Wealth back in 1986. (I did it a little backwards, reading Creating Wealth first ahead of Nothing Down)
Creating Wealth opened my mind to what was available and typical of Mr. Allen's wisdom, what he taught back in 1986 still works today. Take a look at the foreclosure markets. I rest my case!
Allen was also one of the very first to taut the coming (at that time) marketablity of discounted mortgages. Guess what? Discounted mortgages made a lot of money for people in those days and is still making money for people today.
I invested in Gold as per Allens advice and when the big stock market crash occurred in 1987, I made a ton of money by being in other investments such as gold. Ditto for real estate that market plummeted in the late 80's and early 90's. Following Allen's advice, I was able to pick up real estate property at a bargain price because most real estate investors back in those days saw real estate only as a tax benefit, not for gains or got into real estate without knowing what they were doing. Their loss. Also, then as now, real estate had bottomed and most investors didn't understand real estate cycles.
Robert Allen has always been ahead of the herd, a pacesetter in wealth building.
Multiple Streams of Income offers advice similiar to Creating Wealth with several new ideas.
-Cooper Covered Calls - most everyone has heard about covered
calls, but trading?
-Options - many people think that options
are risky. No so.
-Infopreneuring- interesting and profitable
-Network Marketing - even Wall Street has taken notice
Of course Allen revisits Real Estate with Nothing Down Techniques, Discounted Mortgages, Tax Liens and more.
He makes a strong case for network marketing and offers the difference between investing in say a franchise for hundreds of thousands as opposed to starting your own network marketing business, which is much like a franchise with a proven system only you can start with literally nothing down and use the leverage of people. Similiar concept as real estate with some of the advantages of franchising. No capital investment with huge returns.
Multiple Streams of Income is chock full of advice. The investing advice is also great and certaintly better than what you will find say in JBQ's ridiculous book which cost many people millions in lost dollars. I saw a review here by Mr. Donoghue. My guess is that some people will try to bury that untill mindless 1 star reviews. If you can scroll back and read it, I highly recommend that you do. It shows a system of investing that yielded huge returns even during the Clinton "bear market."
Multiple streams of Income covers this strategy. I highly recomend you read it if for that reason alone. Beats the typcial buy and hold (or is that buy and hope), dollar cost averaging and other so called sensible stategies which don't work unless you have a 20-30 year time horizon. Ask anyone who saw their investments plumet during the Jimmy Carter years back in the 70's how long they had to wait to get their investments back up to break even level. Want to take a guess? Would you believe 15 years? That is close. Or how about the people who saw their investments dip after the Clinton recession and huge stock market crash in 2000 or the recent after the Bush recession and huge stock market crash in 2008. Buy and hold is a strategy that has come and gone.
As an aside, I also recommend More Wealth Without Risk by the late, great Charles Givens. Mr. Givens teaches a strategy called Money Movement where you switch your money from stock mutual funds to bond mutal funds or a money market mutual fund based on certain criteria. It works.
Overall I rate Multiple Streams of Income a 10 in a field which only allows 5 stars. This book works as a great enema for people who have read other junk on real estate, stock market investing or just wealth building.
I also recommend Rich Dad Poor Dad and The Automatic Millionaire and I believe Allen would too.
Be wary of books written by people who are writers only and have no real investment or business background. The network marketing advice may be the most practical advice for real world solutions for the times. Ditto for real estate. There is a bonanza out there right now.
 Makes it sound easy
This book has no shortage of practical ideas for creating other streams of cashflow.
I found the beginning of the book to be very reasonable. One pieice of advice I thought was honest and realistic is that you will rarely beat the stock market, so pick a mutual fund that tracks the S&P 500, sink some cash into it, and don't look at it again for 30 years, counting on the natural growth of the market to give you a return. You can take smaller amounts of money and apply them more aggressively elsewhere.
After that sound advice, however, Allen gets into more aggressive stock and investment strategies such as options. It is interesting to read about the approach and worth considering if you have set a small percentage of your portfolio aside for aggressive investments.
One thing about the book that made me cringe - and I see this in other places like "Money" magazine - is the fact that the author seems to regard the entire value of your house as part of your net worth regardless of how much you owe on it. A more honest approach to real estate investment is given by Kiyosaki's "Rich Dad" books, which point out, quite astutely, that any money you owe is a liability and therefore only the equity in your house is part of your assets. What you owe counts against you.
In Robert Allen's book, there are memorable quotes scattered on each page that are worth remembering. One of them says something to the effect of "if you think nobody cares about you, just miss a couple of mortgage payments." That is exactly the point. Your debt on your house is a ball and chain until you are free of that debt, it counts against your net worth. Most home owners are net negative, at least for a few years, before their equity and investments bring them past break even. As long as you owe that debt, the house isn't yours. It seems to me that Allen is glazing over that fact; I am certain he knows better.
Nonetheless, Allen describes how buying a home in a good neighborhood can give you a good return on your down payment, but it seems to me that he neglects the amount of interest you paid out of pocket during the time you carried the mortgage. Do the amoritzation schedule... if you buy an undervalued house with a reasonable appreciation rate, you could conceivably turn your down payment into a reasonable return within the first few years of ownership. However, over time the curve gradually dips below zero and stays negative until you reach a critical point where more of your monthly payment counts towards the principle and the appreciation of your home is starting to beat the interest. For most homes and interest rates, you only profit at the sale within a short inital period, or considerably farther down the road. And for anyone that has bought a home that isn't brand new, they know that the invisible costs of home ownership are significant - every paint bucket, lawn mower belt, nail, hammer, and vacuum cleaner quickly adds up. Your home is a forced savings account, but it has fees. Allen happily tells you that your house is your greatest investment, but conveniently forgets the small stuff.
Another thing that this book (and many others) fails to address is the following:
1. Rental properties require renters
2. Owning property for less than 2 years may stick you with capital gains taxes
3. Not every transaction is a winner. Nobody writes about the losers 'cause it won't sell books
Listing these items seems unnecessary but in the tens of books I've read on this subject, it seems to me that nobody wants to admit the dirty work. I haven't quite found the honest book on this subject that admits the dirty work and addresses the best way to handle it.
Finally, regarding a more detailed approach to the specific *tax* consequences (and advantages) to investing, check out Kiyosaki's "Real Estate Tax Advantages" book. It goes into more detail than Allen. Allen, however, offers more detail on tax leins.
Ways to Make Passive Income
This books talks about multiple ways to earn income, ultimately leading to the goal of financial freedom. Having multiple streams of income is smart because it's risky to rely on one source when it could be taken away from you at any time, leaving you in the dust. Not only does the author talk about multiple streams, but if you are an employee, he talks about bringing value to your position. Keeping track of your finances and making every dollar count is also discussed. The idea is to create lifelong streams of income. The author also suggests to add at least one new income stream a year. What fantastic advice, which will ultimately lead to financial freedom. Wonderful book!!
One of the best
This book sky rocketed my career and my investment
IQ. It is well written,entertaining, as well as informative. It is one of the best books I've read on business.
J. Wilson
LI, New York
Must read for financial management & growth!
This book is EXCELLENT! Very easy read with good clear explanations of ways to make money and make money work for you. It will change your perspective on finacial security.
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